Envelop partners with MS Amlin
Bermudian-based insurtech start-up Envelop Risk has struck an underwriting partnership with global re/insurer MS Amlin.
Envelop, a specialty cyber re/insurance analytics and underwriting firm, made the announcement at the Rendezvous reinsurance event in Monte Carlo.
The two companies are staking their claim to lead the cyber reinsurance market.
Under the terms of the partnership announced today, Envelop Risk and MS Amlin will underwrite a cyber reinsurance portfolio with MS Amlin AG as capacity provider.
The portfolio will cover both proportional and non-proportional structures, and target multiple geographies. Underwriting capacity will be available from October 1 and the companies said various transactions are already under consideration.
Envelop Risk will be responsible for the sourcing, underwriting, product development and marketing of cyber reinsurance deals led by Ari Chatterjee, Envelop’s chief underwriting officer, while MS Amlin, which has a branch in Bermuda, will assist with risk management and advising on the reported claims.
Jonathan Spry, Envelop Risk’s chief executive officer, said: “We are delighted to be partnering with MS Amlin, to address the material and growing reinsurance of cyber-related risks, embracing the complexity which has to date prevented an efficient risk transfer market developing.
“We believe MS Amlin’s global capability and expertise to be an ideal fit for our approach, underpinned by Envelop’s proprietary AI analytics.”
James Few, global managing director of reinsurance at MS Amlin, said: “One of the biggest obstacles to growth that the market faces is a lack of credible risk quantification tools matched with specialist underwriters who really understand the product class.
“The partnership with Envelop is an elegant solution to this problem, leveraging their best-in-class analytics with our established presence in the global underwriting market.”